Technical Analysis of Gold for November 24, 2014 Market Analysis Review

The precious metal is supported by China rate cut decision which managed to trades above $1,200.00. A surprise interest rate cut by China made gold friendly. The People’s Bank of China cut the one-year benchmark lending rate by 40 basis points to 5.6% and the one-year deposit rate by 25 basis points to 2.75%. The Swiss gold referendum will take place on November 30, 2014. This week we can expect high volatility in the metal prices. The metal closed at higher levels 3 weeks in a row. The nearest weekly resistance exists at $1,213.50, above this $1,240 and $1,243.00 are the major resistance levels. On the down side, $1,200.00 will act as a key level. Below this, $1,180.00 and $1,174.50 will act as major weekly support levels.

On Friday's session, the metal rejected at 50Dsma and closed below that. Today, gold opened on a bullish note lower at $1,200.10. We recommend fresh selling below $1,200.00 with the targets at $1,198.00, $1,197.00, $1,195.50, and $1,191.00. The panic will be triggered below $1,190.00 towards $1,186.50, $1,181.00, and $1,175.00. The weekly trend turns to positive, in case if the metal closes above $1,207.00 on a daily basis. We recommend fresh buying above $1,208.00 with the positional targets at $1,230.00.

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Technical Analysis of EUR/USD for November 24, 2014 Market Analysis Review

Today, important German Ifo data will impact the price. Positive readings indicate economic progress, which is benign for the Euro. On the US side, services PMI will impact the US dollar. A positive reading will underpin the dollar leading to new lows on this pair. On Friday's session, the pair fell 150 pips on a closing basis and closed at the lowest point of the day and week. Today, the pair opened on a bullish note lower at 1.2362. The pair has the nearest support at 1.2358. Panic will be triggered below 1.2358. Bears can challenge 200 odd pips on the down side. Considering a weekly close below 1.2350, we can expect 500 odd pips correction on the downside from the longer-term view. The pair has strong, long-term support at 1.2226, 100 pips down from here. Below 1.2226, 1.2045 and 1.1876 are the other multiple support levels. We have been recommending selling on every upswing with the downside initial targets at 1.2300 and 1.2230.

From an intraday view, the prices are closed and trading below 12ema and 35DEMA. But the pair has strong hourly resistance at 1.2400. Above this, 1.2440 will act as another resistance level. On the down side, the pair has support at 1.2358, below this - at 1.2350, 1.2325, and 1.2228. In case if the pair corrects below 1.2358, the selling pressure will increase again. The panic will be triggered below the 1.2350 levels. On an intraday and positional basis, we are recommending sell on every upswing.

Trade: Selling below 1.2350 with the targets at 1.2300 and 1.2275 levels.

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Technical analysis of EUR/JPY for November 24, 2014 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair had retraced from the highs towards 146.00 levels and is seen trading back above 146.20 levels for now. Please note that the pair has bounced off the fibonacci 0.786 support of the rally between sub 145.00 and 149.00. The immediate support trend line seems to have broken but a larger correction would be confirmed only if the pair is seen reversing from 147.50 levels. It is recommended to initiate long positions for now, risk remains below 145.00. Support is seen at 145.00, followed by 143.00, 142.00 and lower, while resistance is seen at 147.50, followed by 148.50 and 149.20 respectively.

Trading recommendations:

Initiate long positions now (146.20/30), stop at 144.70, the target is open.

Good luck!

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Technical analysis of GBP/CHF for November 24, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair has raised through 1.5200 levels as seen here. It is recommended to book partial profits and move stop/risk to break even points. Please note that the pair has hit fibonacci 0.50 resistance for now, and could retrace lower from here. Resistance is seen at 1.5300, past support turned resistance, followed by 1.5450, 1,5475, 1.5550 while support is seen at 1.5150 (interim), followed by 1.5025, 1.4950 and lower respectively. A push higher could easily see through 1.5300 levels which is fibonacci 0.618 resistance level of the drop from 1.5450 to 1.4950.

Trading recommendations:

Book at least partial (up to 60%) profits on long positions taken earlier and move stop at break even. The target is 1.5300 for remaining long positions.

Good luck!

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Technical analysis of Silver for November 24, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver has push higher till $16.50 levels, and might be looking to push towards $17.00 levels at least. The metal could be well supported around the $16.00 levels, followed by $15.30 and $15.00 while resistance could be met at $17.30/50, followed by $17.80/18.00 and higher respectively. It is recommended to book partial profits on long positions taken earlier, while moving risk to break even levels for now. A push higher towards $17.30 and subsequently $17.80 could be extremely bullish for the metal. Please note that fibonacci 0.618 resistance is at $16.86 levels and sloping resistance line is also passing through the same region. A bearish reaction there should be watched closely for potential reversal.

Trading recommendations:

Book partial profits on long positions taken earlier, move stop to break even on the remaining. The target is open.

Good luck!

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Technical analysis of Gold for November 24, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold has reached our minimum expectations on Friday at $1,207.00 levels, before pulling back. The metal is currently trading around $1,200.00 mark. It is recommended to book at least partial profits on long positions taken earlier and move risk to break even on the remaining. Please note that the metal has stalled at a 0.618 resistance for now and a bearish reversal here, could take it below $1,130.00 levels. On the flip side, a push above $1,208.00, is likely to test $1,235.00 and $1,250.00 levels on the higher side. Immediate support is seen at $1,175.00, followed by $1,140.00 and $1,130.00 while resistance is seen at $1,235.00, followed by $1,250.00/55.00 and higher respectively.

Trading recommendations:

Book partial profits on long positions taken earlier, move stop to $1,170.00 or break even levels.

Good luck!

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Technical analysis of EUR/USD for November 24, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as German Ifo Business Climate and Belgian NBB Business Climate. The US is also ready to publish the economic data too such as the Flash Services PMI. So, amid the reports, EUR/USD will move low volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2441.

Strong Resistance:1.2433.

Original Resistance: 1.2421.

Inner Sell Area: 1.2409.

Target Inner Area: 1.2379.

Inner Buy Area: 1.2351.

Original Support: 1.2337.

Strong Support: 1.2327.

Breakout SELL Level: 1.2319.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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